Requires the President to provide the following information in each request to Congress to rescind funding (Sec. 2):

The total amount of funds to be rescinded;

The agency, bureau, account, and program from which the rescission is to occur;

The total amount of funds that would remain for the account or program if the requested rescission is approved; and

The reasons why the President is proposing to rescind the funds.

Requires any funds that are rescinded to be used either for reducing the deficit or for increasing the surplus (Sec. 2).

Requires the majority leader of each chamber of Congress to introduce a bill approving the proposed funding rescissions no later than 3 legislative days after receiving the rescission request from the President (Sec. 2).

Requires Congressional committees considering the rescission request approval bill to report the approval bill to the full chamber for consideration no later than 3 legislative days after the bill was introduced (Sec. 2).

Prohibits amendments to a rescission request approval bill from being considered in either the House of Representatives or the Senate (Sec. 2).

Specifies that the approval bill is only subject to expedited consideration in Congress if it is enacted no later than 60 days after the date of enactment of the bill from which the funds are being rescinded (Sec. 2).

Specifies that the provisions of the bill expire on December 15, 2015 (Sec. 2).